32-3-501. Shares. (1) The capital of a credit union consists of the payments by the members on shares. (2) Shares may be subscribed to, paid for, and transferred in a manner as the bylaws prescribe. (3) A certificate need not be issued to denote ownership of a share in a credit union. (4) This chapter does not restrict or […]
32-3-502. Dividends. At the intervals and for the periods that the board of directors authorizes and after providing for the required reserves, the board of directors may declare dividends to be paid from the undivided earnings at the rates and upon the classes of shares that the board determines. The dividends must be paid on all […]
32-3-503. Thrift accounts. Christmas clubs, vacation clubs, and other thrift accounts may be operated under conditions established by the board of directors. History: En. 14-641 by Sec. 41, Ch. 38, L. 1975; R.C.M. 1947, 14-641.
32-3-504. Minors’ accounts. Shares may be issued to a minor who may withdraw the shares including the dividends and interest thereon. Share payments made by a minor and withdrawals thereof by the minor shall be valid in all respects. For such purposes a minor is deemed of full age. History: En. 14-642 by Sec. 42, Ch. 38, […]
32-3-505. Joint accounts. (1) A member may designate any person or persons to hold shares and thrift club accounts with the member in joint tenancy with the right of survivorship, as a tenant in common, or under any other form of multiple-party account ownership permitted by law and allowed by the credit union. A joint tenant, […]
32-3-506. Shares in trust. (1) Shares may be issued in the name of a revocable trust if the settlor is a member, or shares may be issued in the name of an irrevocable trust if either the settlor or the beneficiary is a member. A beneficiary, unless a member in the beneficiary’s own right, may not […]
32-3-507. Liens. The credit union has a lien on the shares and accumulated dividends or interest of a member in the member’s individual, joint, or trust account for any sum past due the credit union from the member or for any loan endorsed by the member. History: En. 14-645 by Sec. 45, Ch. 38, L. 1975; R.C.M. 1947, 14-645; […]
32-3-508. Dormant accounts. When administering member accounts that are dormant, unclaimed, or abandoned, a credit union shall comply with the Uniform Unclaimed Property Act provided for in Title 70, chapter 9, part 8. History: En. 14-646 by Sec. 46, Ch. 38, L. 1975; R.C.M. 1947, 14-646; amd. Sec. 31, Ch. 237, L. 2003.
32-3-509. Reduction in shares. (1) Whenever the losses of any credit union, resulting from a depreciation in value of its loans or investments or otherwise, exceed its undivided earnings and reserve fund so that the estimated value of its assets is less than the total amount due the shareholders, the credit union may by a majority […]
32-3-510. Withdrawals. Shares may be withdrawn for payment to the account holder or to third parties in such manner and in accordance with such procedures as may be established by the board of directors. History: En. Sec. 8, Ch. 522, L. 1985.
